Saving on behalf of a child

The earlier you start, the more your investments can grow.
IMPORTANT INFORMATION

A minor’s mutual funds and stocks — how to view them if you are the guardian

Are you able to check your underage child’s funds and stocks via OP’s digital services? See below for instructions on how to do so.

Changes in the management of a minor’s stocks and insurance assets

If you are using a minor’s user ID, you can only manage stocks on OP-mobile for the time being (if the user ID was activated before 10 December 2020). Changes have also been made to management of a minor’s insurance assets: from 17 February 2021, these can only be managed via a guardian’s or authorised representative’s op.fi service — insurance assets can no longer be managed with a minor’s user ID.

No action is required for guardians or authorised representatives who can already use the op.fi service to view a minor’s investments.

If a guardian or authorised representative has their own user ID, they can use the op.fi service to manage a minor’s banking matters. This requires the consent of all the minor’s guardians. If you are a guardian who wants to start using your own op.fi service to manage banking for a minor, do as follows:

Mutual funds

To be able to view mutual funds owned by a minor, fill in the ‘start’ form for fund investment via the op.fi service. You must log in first.

Go to the form

Investments in stocks

A guardian or authorised representative can use the op.fi service to view a minor’s stocks, if they have access rights to custody services on behalf of the child. To activate custody of a child’s investments or add access rights, call our Customer Service.

Insurance assets

Call our Customer Service and explain that you want to transfer the minor’s insurance assets to your op.fi service, where you can manage them. We will send the required powers of attorney for signature by the other guardians and authorised representatives, via the Electronic Signature Service.

We are renewing our service to give insurance savers aged 15–17 the option of having viewing rights, or limited rights to make changes, through the service. We will provide information about this later.

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  • It makes sense to start early

    It pays to start saving on behalf of a child in good time, whether you are their mother, father, godparent or a friend. This will leave time for even small investments to accumulate before the child grows up.

  • Start making monthly payments into a mutual fund

    By paying a monthly amount, you can grow your child’s investment, benefiting from the compound interest effect to accumulate returns. You can start by investing just 10 euros a month, for example.

  • Return on long-term investment

    Investing for a child leaves plenty of time for the savings to grow. Money in a bank account earns little interest: invest in a mutual fund, if you want your money to make money.

To start saving, your child
must have a current account.

If your child already have
the account, you can start investing in mutual funds.

Here’s how to start investing in a fund on behalf of your child

  1. Open a current account

    If you want to save on a child’s behalf, you must open a current account for the child, to which both the child and guardians have access rights. To open an account, you will need the child’s personal identity code and name, and the consent of both guardians. Please note that you cannot open an account for an unborn child.

  2. Accept the agreements

    Before investing, the guardians must accept the OP Savings and Investments Agreement and activate custodial services for the child. The easiest way to get started is via our online service: we’ll send you the agreement for your approval through our Electronic Signature Service.

  3. Start investing

    When you’ve opened the account and signed the agreements, you can start investing for your child. Use your OP user ID to make one-time subscriptions or monthly investments in a fund.

You can also book an appointment for an online meeting at a bank to go through the alternatives. A guardian who can’t make the meeting can fill in a power of attorney to enable an account to be opened for the child and investment to start. This allows the guardian attending the meeting to activate services for the child.

Book a meeting

Power of attorney to open an account for a child and start saving

How to invest 10,000 euros for your child

Monthly investment: €30, Expected return: 5%, Investment period: 18 years, Amount saved: €6,480, Income: €3,648, Total: €10,128 Monthly investment: €30, Expected return: 5%, Investment period: 18 years, Amount saved: €6,480, Income: €3,648, Total: €10,128

Did you know that you can gift 138 euros tax-free each month: 4,999 euros every three years?

Six tips on saving for a child

 

1. As well as parents, grandparents and godparents can add money to a child’s account. It pays to move savings from the child’s account into productive investments, such as mutual funds.

2. Monthly investment in a fund is the most popular way to build a nest egg for a child. You can choose one or several funds for your investments. The amount invested is up to you, there’s no lower limit. You can change the amount at any time, or take a break from investing more.

3. Mutual funds enable strong diversification of investments and provide an opportunity for long-term returns. Saver’s funds and responsible investment funds are excellent alternatives. Low-cost index funds are a great choice if you want to invest in the stock markets.

4. Make your child an owner-customer! As an owner-customer, you can buy and sell nearly all mutual funds without fees. Mutual funds also generate OP bonuses.

5. Assets in the name of a child are the property of the child. The child's guardians have the right to manage such assets, but their use is governed by law.

6. Saving for a child is a good opportunity to teach financial skills, by setting an example that inspires the child to start saving and investing.

Saving through insurance for children

Unit-linked insurance is the best option if you’re saving for a child long term, and want to maintain control of the funds. You start saving in a unit-linked insurance product in your name. The child is the beneficiary of your insurance, receiving the money later as a gift. You can name more than one child as a beneficiary of the same insurance. OP Unit-linked Insurance is a good option for investing on behalf of a child.